Eligibility Criteria for applying for educational loan from SBI
SBI provides educational loans to students who wish to pursue higher studies in India and abroad. For those planning to pursue the course in India the maximum loan permissible is Rs. 10 lakhs and the maximum loan permissible for those planning to study abroad is Rs. 30 lakhs. Repayment of loan shall commence after one year of completion of the course or six months after securing a job. The course pursued by student should be from a recognised institute.
Eligibility Criteria to apply for educational loan from SBI
SBI offers educational loans to students aspiring to study in both India and abroad. It is a must that the student applying for the loan should have secured admission in institute where they intent to study. Students planning to study in India can apply for the loan if they satisfy any of the following criteria.
- Students who have secured admission in reputed autonomous institutes like IIT, IIM etc. can apply for educational loan.
- The institute/university where they have secured admission must be approved by AICTE/ Govt./ UGC/ IMC etc. The student should have secured admission for graduation or post graduation course. Even students who have secured admission for professional diploma or degree course including technical course can apply for educational loan.
- Students pursuing diploma/ degree courses approved by Director General of Civil Aviation/Shipping like pilot training, aeronautical are eligible to apply for loan.
- Aspirants in the field of nursing or teacher’ training can apply if the course is approved by State Government or Central Government.
Students planning to study abroad can apply for educational loan if they have secured admission for courses in any of the following areas:
- Post Graduation degree like MBA, MS, MCA etc.
- Graduation degree courses in the technical field
- Job oriented professional courses
- Loan will be granted only if it is offered by a reputed institute.
The bank provides loan towards expenses incurred as fees in school or college. Hostel fees are also considered while calculating the loan amount. Cost of school uniform, books, instruments will be included in the loan amount. Students can claim laboratory, library, and examination fees also. At the time of admission some institutes ask for Refundable Deposit, Caution Deposit and Building Fund. Expenses incurred towards project work, study tours etc. can be claimed too. The bank provides loan for a maximum of 10% of the tuition fees for the entire course. In cases where purchase of computer is a must the bank will sanction the same as loan. The maximum permissible amount is 20% of the total tuition fees. Students wishing to purchase a two wheeler for travelling to institute can claim the same as part of the education loan. The maximum permissible amount is Rs. 50000/-. Students intending to study abroad can claim the travel expense.
Students planning to pursue courses like Skill Development Study and Vocational Training are not eligible to apply for educational loan. However they can apply for loan under Loans for Vocational Education and Training.
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